make a hotkey to determine the orientation and the pivot point?
Well, the 3D cursor really has no orientation...but orientation for any kind of transform already exists as local, normal, global and screen....they can be found at the bottom of the viewport near where you found the pivot point options(median point, cursor, individual objects, bounding box etc...)

but technically you can set a hotkey for the transform orientations in the user prefferences...they are already defined and you can see them merely by hovering over them with the mouse.